Market Brief – Tuesday 4/27/22

Stocks and Treasury yields fell in overnight trading. Stocks were headed lower in early trading and Treasury yields gave back a little of their overnight decline in early trading.

Durable Goods New Orders rebounded by +0.8% in March but missed expectations. Excluding food and energy, Core Durable Goods New Orders rose +1.1%, excluding defense rose +1.2%, and non-defense excluding aircraft rose +1.0% in March.

Home prices rose +2.1% in February and +19.4% from this time last year.

The Conference Board’s Consumer Confidence survey was unchanged in April as consumers remain rather confident.

New Home Sales plunged -8.6% in March to 763k homes sold.

The Richmond Fed Manufacturing and Services Indices both rose at a slightly faster rate in April.

Today’s $47 billion 2-year Treasury Note auction was met with strong demand as foreign bidders took 66.0% of the auction and domestic bidders took 21.4% of the auction, leaving securities dealers with a mere 12.6% of the auction.

Stocks closed sharply lower and Treasury yields were also lower on the day.